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'We looked at the supply chain, and we think its doing pretty well - estimates north of 4m seem to tally with what we are seeing.

'I don't expect Apple to break out the figures yet though, I think you need a year, and I think Apple is willing to wait.'

However, the study did find one area Apple needs to improve - apps.

The firm only recently released its app development kit, and expects to allow users to download 'real' apps later this year.

Bajarin found this was reflected in the results, with most users simply using Apple's own apps for mail, music and maps.

Wristly says it is common practice to add the top two boxes, which demonstrate satisfaction with the product, in customer satisfaction ratings. 'When doing so, we arrive at a 97% customer satisfaction level for the Apple Watch'.

The next-generation Sport model won’t be solid gold, like the Edition model, but will instead effectively be an aluminium Sport model (current version pictured) plated in yellow or rose gold

'We didn't see high third party app usage - but I think we will see more and better apps as time goes on.'

The study found the levels were similar to those for the original iPhone.

'If we take a look at how the Apple Watch customer satisfaction rating compares to the first generation of the iPad and the iPhone, we see the Apple Watch has the highest customer satisfaction rating of any previous version one Apple product, the team wrote.

'Given the current customer satisfaction of the iPhone is at 99%, the first version of the Apple Watch ranks closer to the current generation iPhone than the first generation iPhone or iPad in terms of satisfaction.'

The report found it was non-tech users who ranked the highest for “very satisfied/delighted” by the Apple Watch.

'As I listened to 14 different people tell me about their Apple Watch, I observed a pattern,' he wrote.

'Those whose job it was to think about the Apple Watch or who were early adopters who thought deeply about tech and the tech products they buy, were all much more critical of the watch.

'Then I talked with teachers, firefighters, insurance agents, and those not in the tech industry and not hard-core techies.

'These groups of people couldn’t stop raving about the Apple Watch and how much they loved the product. It was almost as if the farther away people were from tech or the tech industry, the more they liked the Apple Watch.'

Wristly says that its analysis indicated a gulf in perceived value between owners of the stainless steel Watch and the sport version, with stainless steel owners generally believing the device to be a better value.

'While we don’t know exactly how many Apple Watches have been sold what we can measure and use as a barometer to judge the success or failure of Apple Watch is if current owners are happy, satisfied, and delighted.

'For that we can safely conclude the answer is a resounding yes,' the report concluded.

One analyst has claimed Apple is likely to release a cheaper gold version of the Watch in the Autumn, alongside its iPhone 6S.

HOW TO GET THE APPLE WATCH FOR A TENTH OF THE PRICE

Watch Plate in California will gold plate any stainless steel model of the watch in either 24-karat gold, or rose gold and copper for a flat fee of $399 (£262).

The cheapest model of the Apple Watch costs $549 in the US and £479 in the UK. This takes the total price for getting a gold version to $948 and around £740 - depending on conversion rates.

A saving of more than $9,000 (£5,950).

Alternatively, Golden Dreams charges $4,200 (£2,765) but that includes the price of the watch.

Its service can similarly only transform the stainless steel version of the Watch, but offers 24-karat yellow gold, 18-karat rose gold and 18-karat white gold plates.

Golden Dreams additionally offers alligator, shark, python and ostrich leather straps as well as engraving on the watch and band.

Golden Dreams takes 15 days to complete and ship an order, but shipping is also free.

This service offers a saving of $5,800 (£3,810).

Gold plating the watch will void Apple's warranty.

It won’t be solid gold, like the Edition model, but will instead effectively be an aluminium Sport model plated in yellow or rose gold.

These colour options are also expected to be released with the tech giant’s next iPhone handset, meaning customers will be able to match their Watch to their phone.

The claims were made by Taiwan-based analyst Ming Chi-Kuo from KGI Securities.

In a note to investors, he also said Apple will release a new iPad mini at its annual September event.

The Watch is currently available in three models - the Sport, the Watch, and the Edition.

The Apple Watch is made of stainless steel and prices range between $549 and $1048 for the 1.4-inch model and $599 and $1099 for the larger 1.7-inch version.

Watch Sport is made of anointed aluminum and prices range from $349 to $399.

The premium Edition has a similar build to the Apple Watch but comes in 18-karat Rose Gold and Yellow Gold. Prices start at $10,000.

The Watch is currently available in three models - the Sport, the Watch, and the Edition.

In the UK, Sport starts at £299, the standard Watch starts at £479 and the Edition model will cost £8,000.

Mr Chi-Kuo did not give an indication to how much a gold-plated Sport model would cost, but it is likely to offer a price point between the current Sport and Watch.

This suggests it will cost around £390 or $449 in the US.

Following the launch of the Apple Watch range earlier this year, a number of jewellers began offering to transform cheaper Apple Watch models to make them look like the Edition version for as little as $399 (£262).

One service is offered by Watch Plate in California.

The firm will gold plate any stainless steel model of the watch in either 24-karat gold, or rose gold and copper for a flat fee of $399 (£262).

It can't gold plate Sport models because as the firm explained: 'Apple has coated the Sport model with a non-conductive layer which cannot be removed, and renders our electroplating process ineffective.’

This means that the only way to get a gold-plated Sport model would be to buy Apple’s upcoming rumoured timepiece.

Alternatively, Golden Dreams charges $4,200 (£2,765) but that includes the price of the watch.

Its service can similarly only transform the stainless steel version of the Watch, but offers 24-karat yellow gold, 18-karat rose gold and 18-karat white gold plates.

Golden Dreams additionally offers alligator, shark, python and ostrich leather straps as well as engraving on the watch and band.